Bryan B. House, Pam L. Johnston and Courtney Worcester
To explain a recent enforcement action by the USA Securities and Exchange Commission (SEC) whereby the SEC brought its first enforcement action for retaliation against a…
Abstract
Purpose
To explain a recent enforcement action by the USA Securities and Exchange Commission (SEC) whereby the SEC brought its first enforcement action for retaliation against a whistleblower under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Design/methodology/approach
Explains the SEC’s recent enforcement action under Dodd-Frank, highlighting the efforts that a company undertook with respect to continuing to employ a whistleblower after potentially fraudulent activity was reported and discusses practical problems faced by such companies when trying to simultaneously investigate potential wrong-doing without being seen as retaliating against a whistleblower.
Findings
Through this enforcement action, the SEC has demonstrated a willingness to bring cases to enforce Dodd-Frank’s anti-retaliation provisions even though Dodd-Frank does not expressly grant it such enforcement authority.
Practical implications
Companies must have a strong culture of compliance and a strong policy encouraging whistleblowers to report concerns internally if at all possible. Once the whistleblower has reported to the SEC, a company will need to maintain the status quo with respect to the whistleblower.
Originality/value
Practical guidance from attorneys with experience with the SEC and whistleblower actions.
Details
Keywords
Barry Eichengreen, Michael Haines, Matthew Jaremski and David Leblang
The 1896 presidential election between William Jennings Bryan and William McKinley has new salience in the wake of the 2016 presidential contest. We provide the first systematic…
Abstract
The 1896 presidential election between William Jennings Bryan and William McKinley has new salience in the wake of the 2016 presidential contest. We provide the first systematic analysis of presidential voting in 1896, combining county-level returns with economic, financial, and demographic data. We show that Bryan did well where interest rates were high, railroad penetration was low, and crop prices had declined. We show that further declines in crop prices or increases in interest rates would have been enough to tip the Electoral College in Bryan’s favor. But to change the outcome, the additional changes would have had to be large.
Details
Keywords
The proliferation of homelessness and housing precariousness, along with a dramatic growth in food banks, are two signs that while parts of the UK economy may be recovering from…
Abstract
The proliferation of homelessness and housing precariousness, along with a dramatic growth in food banks, are two signs that while parts of the UK economy may be recovering from the 2008 financial crisis and recession, the same cannot be said for the living conditions of much of the poor and working class population. Much of the media discussion has centered on the ways in which these social ills have been caused by government policy, particularly cuts to social and welfare services introduced under the banner of “austerity.” I argue in this paper, however, that a narrow focus on austerity risks obscuring some of the longer-term structural transformations that have taken place under neoliberal capitalism, namely: (1) financialization and (2) the privatization of social reproduction. Situating these two trends within a longer history of capitalism, I argue, allows us to understand the contemporary housing and food crises as specific (and highly gendered) manifestations of a more fundamental contradiction between capital accumulation and progressive and sustainable forms of social reproduction. Doing so further helps to locate the dramatic proliferation of household debt, which has been supported by both processes, as both cause and consequence of the crisis in social reproduction faced by many UK households.
Details
Keywords
Michael D. Bordo and John Landon-Lane
In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit and house price booms.
Abstract
Purpose
In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit and house price booms.
Method
Using a panel of 11 OECD countries from 1920 to 2011 we estimate a panel VAR in order to identify loose monetary policy shocks, low inflation shocks, bank credit shocks, and house price shocks.
Findings
We show that during boom periods there is a heightened impact of all three “policy” shocks with the bank credit shock playing an important role. However, when we look at individual house price boom episodes the cause of the price boom is not so clear. The evidence suggests that the house price boom that occurred in the United States during the 1990s and 2000s was not due to easy bank credit.
Research limitations/implications
Shocks from the shadow banking system are not separately identified. These are incorporated into the fourth “catch-all” shock.
Practical implications
Our evidence on housing price booms that expansionary monetary policy is a significant trigger buttresses the case for central banks following stable monetary policies based on well understood and credible rules.
Originality/value of paper
This paper uses historical evidence to evaluate the relative importance of three main causes of house price booms. Our results bring into question the commonly held view that loose bank credit was to blame for the U.S. house price bubble of the later 1990s.
Details
Keywords
In this paper, readers are introduced to the stories of Sarah, Ashley, and Chanelle, who represent different racial categorizations, class backgrounds, entryways into sex work…
Abstract
In this paper, readers are introduced to the stories of Sarah, Ashley, and Chanelle, who represent different racial categorizations, class backgrounds, entryways into sex work, and histories of sexual victimization. These three women were each convicted as sex offenders because of their involvement in the prostitution of women or girls. This paper demonstrates that these women did not view their actions as sex offenses because their perceptions of themselves, men, women, sexuality, and prostitution were profoundly influenced by interconnecting experiences in their life histories. Child sexual abuse, economic needs, and abusive interpersonal relationships all impacted how these women viewed themselves and their actions. This paper briefly reviews the historically divisive and ultimately detrimental debate between feminists who frame all prostitution as sexual violence and feminists who advocate for full legalization of sex work. Sarah, Ashley, and Chanelle’s stories illustrate the complexities that exist within the lives of women who become involved in prostitution due to a variety of circumstances and social inequalities. Sarah, Ashley, and Chanelle were not completely hapless victims disenfranchised by their pimps, nor were they fully agentive sexual entrepreneurs unfairly targeted by the state. These women made a series of decisions based on their needs for survival, their personal economic desires, and their beliefs about men, women, and sexuality. This paper provides ample room for the women’s voices, and documents their explanations for why and how they became involved in prostitution, as well as the prostitution of other women and girls.
Details
Keywords
The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act…
Abstract
The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:
The precise relationships between neoliberalization, financialization, and rising risk are still being debated in the literature. This paper examines, and challenges, the…
Abstract
The precise relationships between neoliberalization, financialization, and rising risk are still being debated in the literature. This paper examines, and challenges, the Financial Instability Hypothesis (FIH) developed by Hyman Minsky and his adherents. In this perspective, the level of financial risk builds over time as participants orient their behavior in relation to assessments of past levels of risk performance, leading them to overly optimistic valuation estimates and increasingly risky behavior with each subsequent cycle. However, there are problems with this approach, and many questions remain, including how participants modify their exposure to risk over time, how risk is scaled, and who benefits from changes in exposure to risk. This paper examines such questions and proposes an alternate perspective on financial instability and risk, in light of the history of risk management within Canada’s housing finance sector. The rise of financialization in Canada has been accompanied by shifts in the sectoral and scalar locus of risk within the housing sector, from the federal state, to lower levels of government, third-sector organizations, and finally, private households. In each case, the transfer of risk has occurred as participants in each stage sought to reduce their own risk exposure in light of realistic and even pessimistic (not optimistic) expectations deriving from past exposure, contradicting basic assumptions of Minsky’s FIH. This is the process that has driven the neoliberalization of housing finance in Canada, characterized by the socialization of lender risk while households increasingly take on the financial and social risks relating to shelter.
Details
Keywords
Craig Volden and Alan E. Wiseman
The field of nonmarket strategy has expanded rapidly over the past 20 years to provide theoretical and practical guidance for managers seeking to influence policymaking. Much of…
Abstract
The field of nonmarket strategy has expanded rapidly over the past 20 years to provide theoretical and practical guidance for managers seeking to influence policymaking. Much of this scholarship has built directly on spatial and “pivotal politics” models of lawmaking. While extremely helpful at identifying crucial targets for lobbying, these models treat all policymakers as identical in their abilities to advance legislative agenda items through various policymaking hurdles. We build upon these earlier models, but include policymakers who vary in their relative effectiveness at advancing measures through the legislative process. We identify how the implications of our model deviate from those of conventional (pivotal politics) analyses. We then present an empirical strategy for identifying effective Lawmakers in the United States Congress, and illustrate the utility of this approach for managers developing nonmarket strategies in legislative institutions, relying on the case of banking and financial services reforms between 2008 and 2011.
Details
Keywords
Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management…
Abstract
Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.